Aracel Engineering completed the following transactions in the month of June. Please prepare a general journal AND...

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Accounting

Aracel Engineering completed the following transactions in themonth of June.
Please prepare a general journal AND General Ledger that includeaccount explanations.
a.
Jenna Aracel, the owner, invested $100,000 cash, officeequipment with a value of $5,000, and $60,000 of drafting equipmentto launch the company.
b.
The company purchased land worth $49,000 for an office by paying$6,300 cash and signing a long-term note payable for $42,700.
c.
The company purchased a portable building with $55,000 cash andmoved it onto the land acquired inb.
d. The company paid $3,000 cash for the premium on an 18-monthinsurance policy.
e. The company completed and delivered a set of plans for a clientand collected $6,200 cash.
f.
The company purchased $20,000 of additional drafting equipmentby paying $9,500 cash and signing a long-term note payable for$10,500.
g.
The company completed $14,000 of engineering services for aclient. This amount is to be received in 30 days.
h. The company purchased $1,150 of additional office equipment oncredit.
i. The company completed engineering services for $22,000 oncredit.
j.
The company received a bill for rent of equipment that was usedon a recently completed job. The $1,333 rent cost must be paidwithin 30 days.
k. N/A Ignore this.
l. The company paid $1,200 cash for wages to a draftingassistant.
m. N/A Ignore this.
n. The company paid $925 cash for minor maintenance of itsdrafting equipment.
o. Jenna Aracel withdrew $9,480 cash from the company for personaluse.
p. The company paid $1,200 cash for wages to a draftingassistant.
q. The company paid $2,500 cash for advertisements on the Webduring June.

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4.3 Ratings (597 Votes)

aCash100000Office Equipment5000Drafting Equipment60000J Aracel Capital165000Owner invested cash and equipmentbLand49000Cash6300Note Payable42700Purchased land with cash and note payablecBuilding55000Cash55000Purchased See Answer

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a.	Jenna Aracel, the owner, invested $100,000 cash, officeequipment with a value of $5,000, and $60,000 of drafting equipmentto launch the company.
b.	The company purchased land worth $49,000 for an office by paying$6,300 cash and signing a long-term note payable for $42,700.
c.	The company purchased a portable building with $55,000 cash andmoved it onto the land acquired inb.
d.	The company paid $3,000 cash for the premium on an 18-monthinsurance policy.
e.	The company completed and delivered a set of plans for a clientand collected $6,200 cash.
f.	The company purchased $20,000 of additional drafting equipmentby paying $9,500 cash and signing a long-term note payable for$10,500.
g.	The company completed $14,000 of engineering services for aclient. This amount is to be received in 30 days.
h.	The company purchased $1,150 of additional office equipment oncredit.
i.	The company completed engineering services for $22,000 oncredit.
j.	The company received a bill for rent of equipment that was usedon a recently completed job. The $1,333 rent cost must be paidwithin 30 days.
k.	N/A Ignore this.
l.	The company paid $1,200 cash for wages to a draftingassistant.
m.	N/A Ignore this.
n.	The company paid $925 cash for minor maintenance of itsdrafting equipment.
o.	Jenna Aracel withdrew $9,480 cash from the company for personaluse.
p.	The company paid $1,200 cash for wages to a draftingassistant.
q.	The company paid $2,500 cash for advertisements on the Webduring June.